Peter Lambrakis, the US head of equity derivatives at Citi in New York, is taking on an expanded role in the equities division as part of a reshuffle of markets and securities, according to a memo seen by SRP.

As a result of the bank's strategic reorganisation, which is aimed at better integrating the bank's cash, electronic, and central risk strategies, Lambrakis has been named global head of electronic cash and central risk. Lambrakis has been managing director and head of equity derivatives trading at Citi since 2012. He joined the US bank from Deutsche Bank, where he was as head of equity correlation trading. He started his career as a quant developer at O'Connor and Associates, before moving to Susquehanna as a derivatives trader.

The reorganisation of the division has seen several senior management departures in recent weeks, including Young Kang, head of electronic cash trading in the US, and Armando Diaz, global head of cash trading.

There have also been a number of senior equities hires since the middle of 2017, including Arnaud Leteissier, who joined joined from Credit Suisse as head of Apac equity derivatives trading; Lorenzo Leccesi, who joined from JP Morgan as head of UK and Ireland equity derivatives and cross asset solution sales; Christophe Pochart, who joined from BNP Paribas to co-head North American equity derivatives sales and to head the multi-asset group for the Americas; Tom Chippas who joined  from Axoni, as  global head of quantitative execution; and Brian Armstrong who joined from Bank of America Merrill Lynch (Baml) to become head of European hedge fund derivatives sales in Europe, Middle East and Africa (Emea).

The division has also filled several newly-created roles in electronic execution, including Joseph Sidibe, from Baml, who joined as senior salesperson within platform sales with a focus on electronic trading solutions for institutional clients; Rupert Dransfield, from HSBC, as a sales trader for institutional clients using Citi's electronic trading desk; and Phoebe Nockolds, who joined from Liquidnet, as an execution advisory services specialist in equities platform sales.

In addition, Citi has appointed Michela Ferrulli as managing director and head of equities sales and sales trading for Central and Eastern Europe, Middle East and Africa (CEEMEA). Ferrulli will report to Mark Robinson, Emea head of cash equities, and be based in London.

Ferrulli returns to Citi from Baml, where she was most recently managing director and head of CEM and Japan sales and EEMEA regional sales. Prior to this, Ferrulli was with Citi in Emea and Latam sales. She also worked in EEMEA sales at JP Morgan and began her career with Daiwa Securities.

Citi was the third most active issuer of structured products across markets in 2017, with over 181,000 products marketed worth an estimated US$4.4bn, according to SRP data. On the flow side, the US bank cross-issued over 166,000 turbo warrants in Switzerland and Germany, as well as over 13,000 turbo calls and puts in France; and over 300 in Portugal.

On the tranche side of the market, Citi marketed over 700 products in Mexico, mostly US dollar-Mexican peso dual currency notes sold by Banamex; 435 structured notes in the US market, mainly via Citi Global Markets (426); and over 60 notes in Taiwan, as well as 30 notes in China, 12 in Brazil, eight in Australia, and nine offered to international investors.

The US bank also launched a new organisation within its markets and securities services division to develop and implement a global retail client and product strategy. The new unit, headed by Eduardo Martinez Campos (pictured), global head of retail, markets and securities services, covers the 'structuring and distribution of all markets flow and non-flow products, delivery of suitable and relevant content to retail distributors and investors, and overall development of a robust retail product platform', according to the bank.

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